Worldwide shipments of Apple’s (AAPL) iPhone declined in the fourth quarter of 2024 due largely to weak demand and sales in China, according to the International Data Corporation (IDC).
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Preliminary data from IDC found that Apple’s global iPhone shipments fell 4.1% to 76.9 million units in Q4 of last year. The decline was mainly the result of rising domestic competition in China, where companies such as Xiaomi, Oppo, and Honor grew their market share through sales of low-end devices that cost less than the iPhone.
Despite the fourth quarter decline, Apple still dominated the global smartphone market in 2024 with an 18.7% share, said IDC. Samsung was a close second with 18% share of the global market. However, Samsung’s shipments also dropped in the final quarter of last year, falling 2.7% to 51.7 million units, reported IDC.
China Competition
In contrast to Apple and Samsung, Chinese smartphone maker Xiaomi saw its total shipments grow 15.4% during 2024 as people gravitate to its cheaper devices. IDC said that Chinese companies shipped 56% of smartphones worldwide in Q4 2024 as they expand across Europe and Africa.
Overall, the global smartphone market rebounded in 2024 after two years of decline, said IDC, adding that it “remains optimistic about continued growth in 2025.” IDC also said that smartphone makers have started moving away from foldable devices as consumer interest has been underwhelming.
AAPL stock has risen 28% over the last 12 months.
Is AAPL Stock a Buy?
Apple stock has a consensus Moderate Buy rating among 29 Wall Street analysts. That rating is based on 19 Buy, seven Hold, and three Sell recommendations issued in the last three months. The average AAPL price target of $244.77 implies 4.42% upside from current levels.
